FirstFT: NATO will support the Baltic countries

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NATO agree to revise your plans to provide better protection for the alliance’s eastern flank, breaking a pattern that could mean giving up the Baltic states and then trying to win them back in the event of a Russian invasion.

Jens Stoltenberg, NATO Secretary General, told the Financial Times that the military plan, due to be agreed upon at the annual leaders’ summit starting tomorrow in Madrid, will radically improve the alliance’s eastern defenses, shifting the focus from deterrence to full protection of allies. territory.

The Estonian prime minister has said that under current doctrine, the Baltic states will be “wiped off the face of the earth” by a Russian attack before NATO launches a counterattack to free them in 180 days.

The alliance will “significantly strengthen” its defenses in Eastern Europe, Stoltenberg said, vowing that Russia would not be able to capture the Estonian capital of Tallinn, “just like they were unable to capture the city of Kirkenes in northern Norway or West Berlin during the Cold War.”

More about Russia’s war in Ukraine

  • Military developments: Russian missiles Yesterday they shelled residential buildings in the center of Kyiv. The retreat of Ukraine from the eastern city of Severodonetsk was “tactical” move in order to avoid a repetition of the blockade of Mariupol, said the head of the country’s military intelligence.

  • Energy policy: G7 Leaders Gathered in the Bavarian Alps Seek to Make a Deal introduce a “price cap” on Russian oil limit Moscow’s ability to finance the war.

Thank you for reading FirstFT Europe/Africa. To kick off the week, here’s the rest of the day’s news. – Jennifer

1. EY valued the NSO group at $2.3 billion. Big Four Accounting Company appreciated the secretive Israeli spy company at $2.3 billion, months before cyberweapons maker Pegasus needed emergency funding. In contrast, the Berkeley Research Group, which represents NSO private equity owners, said this year that the company’s shares are “worthless.”

2. BIS: Leading Economies Risk High Inflation Trap The Bank for International Settlements warned yesterday that major economies are close to “Tipping” in a world with high inflation in which rapid price increases dominate daily life and are difficult to suppress, and urged central banks to feel free to inflict short-term pains and even recessions to prevent this.

Line chart of the share of countries with inflation over 5 percent, showing that the share of countries with high inflation has risen sharply

3. RWE: UK contingency tax could put £15bn worth of renewables at risk The head of one of the country’s largest electricity producers warned that Germany’s biggest utility revise £15bn investment in the UK renewable energy sector if the country introduces a contingency tax on electricity producers.

4. UBS is wooing American investment heavyweights The Swiss lender, the world’s largest wealth manager, has launched looking after investment houses become a major shareholder as he tries to improve his market value to be more closely aligned with his Wall Street peers and to build the image of a global bank.

5 The UK Treasury Is Interested In Organizing Sex Parties British taxpayer became a shareholder at Killing Kittens, known for its exclusive and hedonistic events, as part of the Future Fund, a scheme created by Chancellor Rishi Sunak to support innovative firms during the pandemic, in which loans are converted into shares.

The next day

British lawyers strike Members of the Bar Association for Criminal Cases start a strike in a escalating dispute with the government over funding that is expected to lead to widespread disruption of hearings in England and Wales.

UK changes Northern Ireland trade regime deputies will have their first vote on Boris Johnson’s law to unilaterally break part of Northern Ireland’s trade agreements after Brexit, despite harsh criticism from Brussels.

Economic indicators Annual European Central Banking Forum on Central Banks starts in Sintra, Portugal. IN THE USA, durable goods orders may show whether inflation, rising interest rates and economic uncertainty affected demand in May. (FT, WSJ)

United Nations Ocean Conference A week-long conference on ocean conservation and sustainability begins, co-hosted by Kenya and Portugal.

Company developments Nike releases fourth quarter results. Disney’s board of directors meets two days less than a week after filing under fire chief executive Bob Chapek vote of confidence.

Wimbledon starts The tennis tournament kicks off at the All England Lawn Tennis and Croquet Club in southwest London. no best male player or the reigning women’s champion. Daniil Medvedev is ineligible to compete due to a ban on Russian players, and Ash Barty retired. “Retiring at 25 is like filing for divorce on your honeymoon. But Barty’s decision reveals different truths.” writes Henry Mance.

What else do we read

Dark times ahead for the UK Labor unrest is raging across the country, not seen in decades. The explanation for this is clear. Unforeseen inflation brings losses that everyone wants to compensate. It provokes social conflicts, written by Martin Wolf. However, if inflation is bad, so is the cure.

Road to rollback Rowe vs. Wade As the Supreme Court overturns a landmark 1973 ruling that established the constitutional right to abortion, Liz Lenz Documents the Rise of the Christian Right and how he reached this historic moment. In response to the decision, Democratic lawmakers are stepping up efforts to establish “states of asylum” for reproductive rights.

Crypto and meme corporate bonds go their own way The collapse of some banner bearers of the stock bubble was painful for investors. Less noticeable losses of their bonds. Such gaps highlight differences in ownership and returns on stocks versus bonds. writes Ellen Carr at Barksdale Investment Management.

How the beauty industry left the tortoiseshell Revlon behind Once a giant in the beauty industry, Revlon has been sidelined by modern beauty brands based on influencers and social media. 90-year-old group’s bankruptcy filing shows how competitive and dynamically developing sector has become.

There is no accidental plagiarist Renowned Australian writer John Hughes claims that many of the 58 cases of plagiarism in his new book were accidental. Everyone steals when they write, but where “good” stealing ends and clumsy robbery start?

Books

Whether you’re looking for an urban book, a literary thriller, a tome about royalty, or something else unexpected, you’ll want to take a look at these must-read headlines recommended by FT authors and editors.

Abstract illustration of a man and children looking at boxes of books forming the body of a kite.

© Cat O’Neill

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